Nigeria’s Naira, yesterday, appreciated to ₦361.96 in the Investors and Exporters (I&E) window. Data from FMDQ showed that the indicative exchange rate for the window dropped marginally to ₦361.96 per dollar yesterday from ₦362.67 per dollar last week Friday, indicating 71 kobo appreciation of the naira. The volume of dollars traded in the window yesterday […]
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The Naira, yesterday, depreciated by 70 kobo to₦358.7 per dollar in the parallel market even as the Central Bank of Nigeria (CBN) injected $210 million into the inter-bank forex market. The apex bank offered $100million to authorized dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment got the […]
Read More The Naira on Wednesday appreciated marginally against the dollar at the parallel market in Lagos, exchanging at ₦358.50 to the dollar. Newsmen report that the Nigerian currency was 10 kobo stronger than ₦358.60 to the dollar traded on Tuesday, while the Pound Sterling and the Euro closed at ₦478 and ₦417.5, respectively. At the Bureau […]
Read More The Naira on Friday firmed up against the dollar at the parallel market, gaining 20 kobo to exchange at ₦359 to the dollar, the News Agency of Nigeria (NAN) reports. The Nigerian currency traded at ₦359.20 at the market on Thursday, while the Pound Sterling and the Euro closed at ₦485 and ₦417, respectively. Trading […]
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It is now a swinging time for both Nigerian and Chinese firms as the much-awaited currency swap between their respective countries has finally become a done deal. And with the planned auctions of the Chinese Yuan by the Central Bank of Nigeria (CBN) and the Naira by the People’s Bank of China (PBoC) any time […]
Read More The Central Bank of Nigeria (CBN) on Thursday, released guidelines for the bilateral currency swap agreement between Nigeria and China. The CBN gave the guidelines in a document signed by its Director, Financial Markets Department, Dr. Alvan Ikoku, and posted on its website. The regulator, in a document titled, “Regulations for Transactions with Authorised Dealers […]
Read More As the foreign exchange (forex) rates gradually converge at ₦360/$, the Central Bank of Nigeria (CBN) has assured Nigerians that the country would never go back to the era of ₦500/$ again. Its Deputy Governor in charge of Financial System Stability, Dr. Joseph Nnanna, gave the assurance Saturday in Lagos after he was conferred with […]
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Naira edge up on Thursday as the Central Bank of Nigeria (CBN) injected $297 million into the Retail Secondary Market Intervention Sales (SMIS) segment of the foreign exchange market, raising the total intervention for the week to the sum of $547 million. The intervention boosted its rate as it closed at ₦362 to the dollar […]
Read More The naira is forecast to trade in a narrow range in the coming days, and is expected to get support due to dollar inflows from the Central Bank of Nigeria and offshore investors. The local currency was quoted at ₦364/dollar on the black market on Friday, slightly firmer than 368 last Friday. At the official […]
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Nigeria requires at least an investment of 20 per cent of the Gross Domestic Product (GDP) per annum, far above the investment level of 12.6 per cent of GDP this year, to drive growth, The Nation reports. This translates to an investment of $55 billion, or ₦20 trillion, reflecting that the country would have to […]
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Nigeria’s currency window for investors and exporters has traded around $3.83 billion since it was established on April 24, traders said on Monday, with the naira trading more strongly than on the black market. The window, where buyers and sellers are free to agree an exchange rate, was introduced in April to try to attract […]
Read More The naira strengthened further against the dollar at the weekend as it exchanged for ₦365 per dollar at the parallel market, following two interventions by the Central Bank of Nigeria (CBN), which totalled $449.3 million. At the weekend, the apex bank injected $254.3 million towards the end of daily transactions, which is expected to keep […]
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